Following the Reserve Bank of India’s (RBI) decision to keep the repo rate unchanged for the third consecutive time at 6.5 per cent at its Monetary Policy Committee (MPC) meeting this month, the State Bank of India (SBI) has also decided to extend its special ‘Amrit Kalash’ fixed deposit (FD) scheme even as the Axis Bank went for another FD rate hike in a month. Axis Bank revised the rates on August 14, following another revision on July 26.
Let’s learn more about these FDs.
SBI ‘Amrit Kalash’ FD
SBI’s ‘Amrit Kalash’ is a 400-day fixed deposit scheme. The bank said on its website that it had extended the deadline from August 15, 2023, to December 31, 2023.
Amrit Kalash offers a 7.6 per cent interest rate to seniors and 7.1 per cent to the rest of the citizens. It was first introduced in FY2022-23. The scheme was reintroduced in April this year with an initial deadline of June 30, 2023, but it has been extended several times since. One can apply for the scheme through the Internet and mobile banking or by visiting the bank.
Axis Bank FD Rates
Axis Bank revised its FD rates effective August 14, 2023. The bank now offers a maximum of 8.05 per cent interest rate to senior citizens for a 16-month to less than 17-month tenure.
The rate was increased by 20 basis points from 7.85 per cent to 8.05 per cent for senior citizens for the 16 to less than 17 months tenure and from 7.10 per cent to 7.30 per cent for others.
For two years to less than 30 months tenure, the interest rate increased by 15 basis points to 7.95 for seniors. Earlier, the rate was 7.80 per cent for the same term. For others, the rate has been increased to 7.20 per cent from 7.05 per cent earlier.
However, these rates are for deposits of less than Rs 2 crore.
The FD rate for senior citizens ranges from 3.50 per cent to 8.05 per cent across tenures after the revision. For seven days to 45 days, the rate is 3.50 per cent; for 46 days to 60 days, it is 4.0 per cent; and for 61 days to less than three months, it is 4.50 per cent.
The rate is higher for longer tenures; for instance, for three months to less than six months, it is 4.75 per cent, and for six months to less than nine months, it is 6.0 per cent.
For nine months to less than 10 months, 10 months to less than 11 months, 10 months to less than 11 months, 11 months to 11 months 24 days, and 11 months 25 days to less than one year, the interest rate is 6.25 per cent.
Further, it is 7.50 per cent for one year to one year four days, and 7.55 per cent for one year 11 days and one year 24 days. From 30 months to up to 10 years, the rates remained unchanged at 7.75 per cent. The rate ranges from 3.50-7.30 per cent across tenures for the general public.